Deal activity remains muted at the start of 2023 as occupiers pull back on requirements

First quarter leasing activity of 1.1 million square feet (msf) was indicative of continued weakened demand for office space in the Seattle/Puget Sound market. The region witnessed deal volumes decline by 0.5 msf, or more than 31% year over year. The impacts of a struggling tech sector – as evidenced by significant layoffs and space acquisition freezes – were evident with few significant tech leases occurring this quarter. A handful of larger deals were transacted in early 2023, including University of Washington committing to 133,002 square feet (sf) in Lake Union and Alaska Airlines renewing for 107,000 sf in Southend.

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